Team Blitz India
LONDON: The warm weather in June spurred Britons into spending on clothing, pubs, and outdoor retailers, according to a recent survey.
Spending on clothing saw its highest growth in almost a year, as shoppers snapped up new summer outfits. The start of the festival season gave sports and outdoor retailers a boost, while home improvement and DIY stores were another bright spot.
The study by Barclays Consumer Spending Index, however, found restaurants struggling, which suggested Britons have cut back on dining out.
Budget erosion fears: Restaurants fell at their sharpest rate since January, yet pubs, bars and clubs saw strong growth, fuelled by warmer weather and rising beer prices.
Brits remain concerned about their budgets being eroded by ‘shrinkflation’ at the supermarket, and ‘drip pricing’ when shopping online.In a further sign that Brits are seeking out value-formoney wherever possible, discount stores were up 8.8 per cent, seeing their largest growth since April 2021. Eight in 10 (81 per cent) are worried about ‘shrinkflation’ – when products are sold in smaller packages or portion sizes; yet cost the same or more than they used to.
Spending on holidays: In June, more Brits (70 per cent) had noticed examples of shrinkflation than in May (65 per cent). In response to shrinkflation, 29 per cent of shoppers are buying their favourite products less often – only when they want to treat themselves – while almost a fifth (18 per cent) are switching to brands which have not changed the size of their products. According to data, Brits continue to prioritise spending on holidays abroad, outpacing demand for staycations.
Spending on airlines increased 33.5 per cent, significantly greater than the growth of spending on international and domestic hotels, resorts, and accommodation (up 5.4 per cent). The Barclays report combines hundreds of millions of customer transactions with consumer research to provide an in-depth view of UK spending.
